SBI Holdings looks to delist SBI FinTech Solutions

SBI Financial Services (SBIFS), a subsidiary of SBI Holdings (SBIHD), plans to acquire all outstanding shares of SBI FinTech Solutions through a tender offer. This includes shares listed on the KOSDAQ market in South Korea via Korean Depositary Receipts (KDRs). SBIHD already owns 77.48% of the target company’s KDRs, SBI FinTech Solutions holds approximately 4.2% of its own KDRs.

The Tender Offer will run for 33 business days, from November 15, 2024, to January 7, 2025. The offer price is 5,000 Korean Won per share/KDR. While the offer price is in Korean Won, payment will be settled in Japanese Yen based on the MUFG Bank exchange rate on January 6, 2025 (the business day before the settlement date).

There is no minimum number of shares required to be tendered for the offer to succeed, and SBIFS will purchase all tendered shares. If less than 90% of the shares are acquired through the Tender Offer (including shares already held by SBIHD), SBIFS plans to acquire additional shares until that 90% threshold is met, after which it will delist the KDRs and implement a squeeze-out procedure to acquire the remaining shares and make the target company a wholly-owned subsidiary. SBI Securities will act as the tender offer agent.

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